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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 22, 2025
equitableimage.jpg
Equitable Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware 001-38469 90-0226248
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.)
1345 Avenue of the Americas, New York, New York                     10105
(Address of principal executive offices) (Zip Code)
(212) 554-1234
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of Exchange on which registered
Common Stock EQH New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series A EQH PR A New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C EQH PR C New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 7.01    Regulation FD Disclosure.
As previously reported by Equitable Holdings, Inc. (the “Company”) in its Current Report on Form 8-K filed on July 31, 2025, the transactions (the “Transaction”) contemplated by the Master Transaction Agreement, dated as of February 23, 2025 (the “Agreement”), by and among Equitable Financial Life Insurance Company, Equitable Financial Life Insurance Company of America, and Equitable Financial Life and Annuity Corporation (together, the “Ceding Companies”) and RGA Reinsurance Company, closed on July 31, 2025 (the “Closing”). As a result of the Closing, the Company announced that, retrospectively, beginning in the third quarter of 2025, it is making certain changes to its segment reporting to (1) combine its Individual Retirement and Group Retirement segments into one reporting segment, to be called Retirement, and (2) report its legacy business—and its life insurance business, which was previously reported in the Protection Solutions segment—in the Corporate and Other segment.
Exhibit 99.1 to this Form 8-K contains an updated Financial Supplement for the period ended June 30, 2025, which provides recast historical segment financial results. The changes in the segment structure affect only the manner in which the results for the Company’s operating segments were previously reported. The historical segment information provided under the new segment structure has no other impact on the Company’s previously reported Consolidated Financial Statements. The Financial Supplement also includes reconciliations of certain non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (“GAAP”).
These results are being provided prior to the availability of the audited financial statements to assist investors and other users of our financial statements in evaluating the changes to our reportable segments. The Financial Supplement is not intended to be a complete presentation of the Company’s financial position or results of operations as of and for the periods presented. It is possible that the recast audited financial statements may differ, perhaps materially, from the information included in Exhibit 99.1.
To facilitate our investors’ ability to evaluate the changes resulting from our re-segmentation, the Company has prepared a presentation, attached hereto as Exhibit 99.2 which outlines the key areas of impact. This presentation will be made available to investors on October 22, 2025, on our website, http://ir.equitableholdings.com.
The information in this Item (including Exhibit 99.1 and 99.2) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.
Item 9.01    Financial Statements and Exhibits.

(d) Exhibits
Exhibit No. Description of Exhibit
Financial Supplement for the period ended June 30, 2025 (adjusted for re-segmentation) (furnished and not filed)
Investors Briefing Supplement (adjusted for re-segmentation) (furnished and not filed)
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
EQUITABLE HOLDINGS, INC.
Date: October 22, 2025
By:
 /s/ Ralph Petruzzo
Name:
 Ralph Petruzzo
Title:
 Deputy General Counsel


EX-99.1 2 eqh2q2025qfsdocumentrecast.htm EX-99.1 Document

coverpagea.jpg
Effective July 1, 2025, our financial reporting presentation was revised to reflect the reorganization of the Company’s reportable segments to reflect how the Company’s chief operating decision maker now makes operating decisions and assesses performance. We now have three reportable segments: Retirement, Asset Management and Wealth Management. Prior period results have been revised in connection with updates to our reportable segments.

Table of Contents
Consolidated Financials and Key Metrics Page
Key Metrics Summary
Consolidated Statements of Income (Loss)
Consolidated Balance Sheets
Consolidated Capital Structure
Operating Earnings (Loss) by Segment and Corporate and Other
Assets Under Management and Administration
Select Metrics from Business Segments
Retirement
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Asset Value Rollforward
Asset Management (1)
Statements of Operating Earnings (Loss) and Summary Metrics
AB Select Adjusted Financials and Ratios
Select Operating Metrics
Net Flows
Wealth Management
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Corporate and Other
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Investments
Consolidated Investment Portfolio Composition
Consolidated Results of General Account Investment Portfolio
Additional Information
Deferred Policy Acquisition Costs Rollforward
Use of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Measures
Glossary of Selected Financial and Product Terms
Analyst Coverage, Ratings & Contact Information
Notes:
(1) Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P., collectively
All information included in this financial supplement is unaudited.


This financial supplement should be read in conjunction with Equitable Holdings' filings with the Securities and Exchange Commission (“SEC”) can be accessed upon filing at the SEC’s website at www.sec.gov, and at our website at ir.equitableholdings.com.
2Q 2025 Financial Supplement - Updated for Resegmentation
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Consolidated Financials
and Key Metrics

2Q 2025 Financial Supplement - Updated for Resegmentation
3

Key Metrics Summary
For the Year Ended or As of For the Three Months Ended or As of For the Year Ended or As of For the Three Months Ended or As of For the Six Months Ended or As of
(in millions USD, unless otherwise indicated) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 12/31/2024 3/31/2025 6/30/2025 6/30/2025
Net income (loss) $ 1,624  $ 195  $ 565  $ 28  $ 1,008  $ 1,796  $ 150  $ (283) $ (133)
Net income (loss) attributable to the noncontrolling interest (341) (103) (137) (160) (116) (516) (87) (66) (153)
Net income (loss) attributable to Holdings $ 1,283  $ 92  $ 428  $ (132) $ 892  $ 1,280  $ 63  $ (349) $ (286)
Non-GAAP Operating Earnings (1) $ 1,663  $ 477  $ 495  $ 517  $ 515  $ 2,004  $ 421  $ 352  $ 773 
Total equity attributable to Holdings' shareholders $ 2,636  $ 1,992  $ 1,598  $ 3,201  $ 1,565  $ 1,565  $ 2,401  $ 1,149  $ 1,149 
Less: Preferred Stock 1,562  1,562  1,562  1,562  1,507  1,507  1,507  1,228  1,228 
Total equity attributable to Holdings' common shareholders 1,074  430  36  1,639  58  58  894  (79) (79)
Less: Accumulated other comprehensive income (loss) (7,797) (8,191) (8,675) (6,601) (8,712) (8,712) (7,567) (7,432) (7,432)
Total equity attributable to Holdings' common shareholders (ex. AOCI) $ 8,871  $ 8,621  $ 8,711  $ 8,240  $ 8,770  $ 8,770  $ 8,461  $ 7,353  $ 7,353 
Return on Equity (ex. AOCI) (TTM) 13.1  % 12.3  % 8.8  % (4.5) % 14.0  % 14.0  % 13.7  % 4.9  % 4.9  %
Non-GAAP Operating ROE (TTM) (1) 17.3  % 18.4  % 19.3  % 21.7  % 22.4  % 22.4  % 21.9  % 21.1  % 21.1  %
Debt to capital:
Debt to Capital (ex. AOCI) 28.1  % 27.3  % 27.2  % 28.1  % 27.2  % 27.2  % 30.3  % 33.5  % 33.5  %
Adjusted debt to capital (ex. AOCI) (4)
 28.1  % 27.3  % 27.2  % 28.1  % 27.2  % 27.2  % 28.6  % 31.6  % 31.6  %
Adjusted capital metrics:
Total equity adjustment for Holdings' portion of AB's market value (3) $ 2,682  $ 3,393  $ 3,177  $ 3,309  $ 3,684  $ 3,684  $ 4,003  $ 4,982  $ 4,982 
Book value with AB at market value per common share (ex. AOCI) $ 34.61  $ 36.67  $ 36.97  $ 36.61  $ 40.19  $ 40.19  $ 40.69  $ 40.89  $ 40.89 
Adjusted debt to capital with AB at market value (ex. AOCI) (4) 23.7  % 22.0  % 22.2  % 22.6  % 21.5  % 21.5  % 22.3  % 22.8  % 22.8  %
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings $ 3.42  $ 0.23  $ 1.23  $ (0.46) $ 2.74  $ 3.69  $ 0.16  $ (1.21) $ (1.04)
Non-GAAP Operating Earnings (1) $ 4.50  $ 1.39  $ 1.43  $ 1.58  $ 1.55  $ 5.92  $ 1.30  $ 1.10  $ 2.43 
Book value per common share $ 3.22  $ 1.31  $ 0.11  $ 5.20  $ 0.19  $ 0.19  $ 2.92  $ (0.26) $ (0.26)
Book value per common share (ex. AOCI) $ 26.58  $ 26.31  $ 27.09  $ 26.12  $ 28.30  $ 28.30  $ 27.62  $ 24.37  $ 24.37 
Weighted-average common shares outstanding:
Basic 350.1  330.2  324.2  318.2  312.2  321.2  307.8  303.2  305.5 
Diluted 351.6  332.7  327.3  318.2  316.5  324.8  311.9  303.2  305.5 
Ending common shares outstanding 333.8  327.6  321.6  315.5  309.9  309.9  306.3  301.7  301.7 
Return to common shareholders:
Common stock dividend $ 301  $ 73  $ 78  $ 76  $ 75  $ 302  $ 74  $ 82  $ 156 
Repurchase of common shares 919  253  247  254  260  1,014  261  236  497 
Total capital returned to common shareholders $ 1,220  $ 326  $ 325  $ 330  $ 335  $ 1,316  $ 335  $ 318  $ 653 
Notes:
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
(2) For loss periods, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.
(3) Adjustment for AB market value represents the difference between EQH economic interest in AB's total units multiplied by AB's total units and EQH economic interest in AB's Total Partners' Capital Attributable to AB Unitholders ex. AOCI. As of June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, AB's total units, including General Partnership units ABLP units, were 295.0 million, 295.2 million, 295.1 million, 288.4 million, 289.7 million, 290.2 million and 288.0 million, respectively. This is a pro-forma calculation not the figures recorded in our financial statements.
(4) Adjusted to reflect 50% equity credit for $500 million of Junior Subordinated debt issued during Q1’25
2Q 2025 Financial Supplement - Updated for Resegmentation
4

Consolidated Statements of Income (Loss)
For the Year Ended For the Three Months Ended For the Year Ended For the Three Months Ended For the Six Months Ended
(in millions USD, unless otherwise indicated) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 12/31/2024 3/31/2025 6/30/2025 6/30/2025
Revenues
Policy charges and fee income $ 2,380  $ 614  $ 617  $ 626  $ 638  $ 2,495  $ 636  $ 626  $ 1,262 
Premiums 1,095  285  282  312  293  1,172  304  260  564 
Net derivative gains (losses) (2,397) (1,376) (208) (714) (253) (2,551) 799  (1,374) (575)
Net investment income (loss) 4,270  1,210  1,167  1,308  1,196  4,881  1,248  1,355  2,603 
Investment gains (losses), net (713) (39) (16) (46) (32) (133) (14) (71) (85)
Investment management and service fees 4,820  1,278  1,240  1,287  1,458  5,263  1,285  1,272  2,557 
Other income 1,005  258  425  300  315  1,298  318  294  612 
Total revenues 10,460  2,230  3,507  3,073  3,615  12,425  4,576  2,362  6,938 
Benefits and other deductions
Policyholders’ benefits 2,754  677  667  663  689  2,696  759  787  1,546 
Remeasurement of liability for future policy benefits 86  5  (7) (1) (3) (6) (2) (13) (15)
Change in market risk benefits and purchased market risk benefits (1,815) (1,088) (132) 97  (817) (1,940) 672  (606) 66 
Interest credited to policyholders’ account balances 2,041  579  599  701  614  2,493  678  796  1,474 
Compensation and benefits 2,323  620  577  571  683  2,451  601  592  1,193 
Commissions and distribution-related payments 1,590  437  463  485  511  1,896  501  488  989 
Interest expense 228  57  62  55  52  226  55  61  116 
Amortization of deferred policy acquisition costs 641  172  169  184  186  711  188  193  381 
Other operating costs and expenses 1,898  552  428  329  513  1,822  950  427  1,377 
Total benefits and other deductions 9,746  2,011  2,826  3,084  2,428  10,349  4,402  2,725  7,127 
Income (loss) from operations, before income taxes 714  219  681  (11) 1,187  2,076  174  (363) (189)
Income tax (expense) benefit 910  (24) (116) 39  (179) (280) (24) 80  56 
Net income (loss) 1,624  195  565  28  1,008  1,796  150  (283) (133)
Less: net (income) loss attributable to the noncontrolling interest (341) (103) (137) (160) (116) (516) (87) (66) (153)
Net income (loss) attributable to Holdings $ 1,283  $ 92  $ 428  $ (132) $ 892  $ 1,280  $ 63  $ (349) $ (286)
Less: Preferred stock dividends (80) (14) (26) (14) (26) (80) (14) (18) (32)
Net income (loss) available to Holdings' common shareholders $ 1,203  $ 78  $ 402  $ (146) $ 866  $ 1,200  $ 49  $ (367) $ (318)
Adjustments related to:
Variable annuity product features (1) (4)
 $ 593  $ 330  $ 81  $ 756  $ (530) $ 637  $ 211  $ 934  $ 1,145 
Investment (gains) losses, net
 713  39  16  46  32  133  14  71  85 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations
 39  17  14  13  16  60  11  11  22 
Other adjustments (2) (5) (6)
 350  91  (33) 1  34  93  205  (137) 68 
Income tax expense (benefit) related to above adjustments
 (356) (100) (16) (172) 94  (194) (92) (185) (277)
Non-recurring tax items (7)
 (959) 8  5  5  (23) (5) 9  7  16 
Non-GAAP Operating earnings (3) $ 1,663  $ 477  $ 495  $ 517  $ 515  $ 2,004  $ 421  $ 352  $ 773 
Notes:
(1) As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the three months ended March 31, 2025 and six months ended June 30, 2025.
(2) Includes a loss of $165 million on Non-VA derivatives for the three months ended March 31, 2025 and a gain of $198 million and $33 million on Non-VA derivatives for the three and six months ended June 30, 2025, respectively. Includes $14 million of expense related to a disputed billing practice of an AB third-party service provider for the three and six months ended June 30, 2025, respectively, and certain gross legal expenses related to the COI litigation of $106 million for the three months ended June 30, 2024.
(3) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
(4) Includes the impact of favorable assumption updates of $16 million and $40 million for the year ended December 31, 2024 and 2023, respectively.
(5) Includes certain gross legal expenses related to the COI litigation of $106 million and $144 million for the year ended December 31, 2024 and 2023, respectively. Includes the impact of annual actuarial assumptions updates related to LFPB of $61 million for the year ended December 31, 2023. Includes Non-GMxB related derivative hedge losses (gains) of $6 million and $34 million for the year ended December 31, 2024 and 2023, respectively.
(6) For the year ended December 31, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings and includes $78 million contingent payment gain recognized in connection with a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.
(7) For 2023 non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period. Includes a decrease of the deferred tax valuation allowance of $1.0 billion for the year ended December 31, 2023.
2Q 2025 Financial Supplement - Updated for Resegmentation
5

Consolidated Balance Sheets
Balances as of
(in millions USD, unless otherwise indicated) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Assets
Total investments $ 102,173  $ 102,620  $ 107,726  $ 114,246  $ 116,441  $ 118,908  $ 121,798 
Cash and cash equivalents 8,239  10,357  9,684  9,579  6,964  8,164  14,957 
Cash and securities segregated, at fair value 868  866  592  547  500  772  483 
Broker-dealer related receivables 1,837  1,808  1,801  1,898  1,961  1,931  1,933 
Deferred policy acquisition costs 6,705  6,804  6,924  7,031  7,170  7,262  7,361 
Goodwill and other intangible assets, net 5,433  5,419  5,403  5,388  5,371  5,356  5,342 
Amounts due from reinsurers 8,197  8,252  8,087  8,068  7,899  7,523  7,501 
Current and deferred income taxes 2,054  2,075  2,129  1,707  2,003  1,687  1,749 
Purchased market risk benefits 9,455  8,348  8,002  8,492  7,376  5,976  5,543 
Other assets 3,324  3,619  3,828  3,738  4,462  4,574  3,962 
Assets held-for-sale 565  745  —  —  —  —  — 
Assets for market risk benefits 594  821  799  740  863  644  776 
Separate Accounts assets 127,251  133,735  132,664  137,407  134,717  124,569  131,683 
Total assets $ 276,695  $ 285,469  $ 287,639  $ 298,841  $ 295,727  $ 287,366  $ 303,088 
Liabilities
Policyholders’ account balances $ 95,643  $ 100,228  $ 104,049  $ 107,404  $ 110,929  $ 112,793  $ 123,359 
Liability for market risk benefits 14,630  12,833  12,612  13,197  11,810  10,864  10,187 
Future policy benefits and other policyholders’ liabilities 17,374  17,340  17,433  17,936  17,613  17,372  17,557 
Broker-dealer related payables 1,232  1,022  839  1,382  775  642  1,454 
Customers related payables 2,201  2,162  2,060  1,795  1,933  2,135  1,885 
Amounts due to reinsurers 1,457  1,402  1,373  1,426  1,421  1,357  1,350 
Short-term debt 254  —  —  —  —  —  — 
Long-term debt 3,820  3,821  3,830  3,831  3,833  4,330  4,332 
Notes issued by consolidated variable interest entities, at fair value using the fair value option 1,559  1,580  1,740  1,744  2,116  2,110  2,471 
Other liabilities 5,976  6,401  6,612  6,540  7,032  6,700  5,847 
Liabilities held-for-sale 153  239  —  —  —  —  — 
Separate Accounts liabilities 127,251  133,735  132,664  137,407  134,717  124,569  131,683 
Total liabilities 271,550  280,763  283,212  292,662  292,179  282,872  300,125 
Redeemable noncontrolling interest 770  991  1,088  1,223  125  289  358 
Equity
Preferred stock 1,562  1,562  1,562  1,562  1,507  1,507  1,228 
Common stock 5  5  5  5  5  5  5 
Additional paid-in capital 2,328  2,322  2,337  2,343  2,336  2,305  1,901 
Treasury shares (3,712) (3,801) (3,932) (4,072) (4,198) (4,296) (4,423)
Retained earnings 10,250  10,095  10,301  9,964  10,627  10,447  9,870 
Accumulated other comprehensive income (loss) (7,797) (8,191) (8,675) (6,601) (8,712) (7,567) (7,432)
Total equity attributable to Holdings 2,636  1,992  1,598  3,201  1,565  2,401  1,149 
Noncontrolling interest 1,739  1,723  1,741  1,755  1,858  1,804  1,456 
Total equity 4,375  3,715  3,339  4,956  3,423  4,205  2,605 
Total liabilities, redeemable noncontrolling interest and equity $ 276,695  $ 285,469  $ 287,639  $ 298,841  $ 295,727  $ 287,366  $ 303,088 



2Q 2025 Financial Supplement - Updated for Resegmentation
6

Consolidated Capital Structure
Balances as of
(in millions USD, unless otherwise indicated) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Short-term and long-term debt:
Short-term debt
AB commercial paper $ 254  $ —  $ —  $ —  $ —  $ —  $ — 
AB revolving credit facility —  —  —  —  —  —  — 
CLO Warehousing Debt —  —  —  —  —  —  — 
Current portion of long-term debt —  —  —  —  —  —  — 
Total short-term debt 254  —  —  —  —  —  — 
Total long-term debt 3,820  3,821  3,830  3,831  3,833  4,330  4,332 
Total short-term and long-term debt: [A]
 $ 4,074  $ 3,821  $ 3,830  $ 3,831  $ 3,833  $ 4,330  $ 4,332 
Equity:
Preferred stock $ 1,562  $ 1,562  $ 1,562  $ 1,562  $ 1,507  $ 1,507  $ 1,228 
Common stock 5  5  5  5  5  5  5 
Additional paid-in capital 2,328  2,322  2,337  2,343  2,336  2,305  1,901 
Treasury stock, at cost (3,712) (3,801) (3,932) (4,072) (4,198) (4,296) (4,423)
Retained earnings 10,250  10,095  10,301  9,964  10,627  10,447  9,870 
Accumulated other comprehensive income (loss) (7,797) (8,191) (8,675) (6,601) (8,712) (7,567) (7,432)
Total equity attributable to Holdings 2,636  1,992  1,598  3,201  1,565  2,401  1,149 
Noncontrolling interest 1,739  1,723  1,741  1,755  1,858  1,804  1,456 
Total equity $ 4,375  $ 3,715  $ 3,339  $ 4,956  $ 3,423  $ 4,205  $ 2,605 
Total equity attributable to Holdings, (ex. AOCI): [B]
 $ 10,433  $ 10,183  $ 10,273  $ 9,802  $ 10,277  $ 9,968  $ 8,581 
Capital:
Total capitalization $ 6,710  $ 5,813  $ 5,428  $ 7,032  $ 5,398  $ 6,731  $ 5,481 
Total capitalization (ex. AOCI): [A+B] (2)
 $ 14,507  $ 14,004  $ 14,103  $ 13,633  $ 14,110  $ 14,298  $ 12,913 
Debt to capital:
Debt to capital (ex. AOCI) (1) 28.1  % 27.3  % 27.2  % 28.1  % 27.2  % 30.3  % 33.5  %
Adjusted debt to capital (ex. AOCI) (2) 28.1  % 27.3  % 27.2  % 28.1  % 27.2  % 28.6  % 31.6  %
Adjusted debt to capital with AB at market value (ex. AOCI) (3)
 23.7  % 22.0  % 22.2  % 22.6  % 21.5  % 22.3  % 22.8  %
For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance 342.0  333.8  327.6  321.6  315.5  309.9  306.3 
Repurchases (3.9) (3.2) (3.2) (3.4) (2.6) (2.3) (2.4)
Retirements (4.4) (4.3) (3.1) (2.8) (3.1) (2.7) (2.4)
Issuances 0.1  1.3  0.3  0.1  0.1  1.4  0.2 
Ending basic common shares outstanding 333.8  327.6  321.6  315.5  309.9  306.3  301.7 
Total potentially dilutive shares 1.5  2.5  3.2  3.4  3.6  4.1  3.0 
Ending common shares outstanding - maximum potential dilution 335.3  330.1  324.7  318.9  313.5  310.4  304.7 
Notes:
(1) Debt to capital ratio exclusive of CLO Warehousing Debt as the VIE debt is non-recourse.
(2) Adjusted to reflect 50% equity credit for $500 million of Junior Subordinated debt issued during Q1’25


2Q 2025 Financial Supplement - Updated for Resegmentation
7

Operating Earnings (Loss) by Segment and Corporate and Other (1/2)
For the Three Months Ended June 30, 2025
(in millions USD, unless otherwise indicated) Retirement Asset Management Wealth Management Corporate and Other Eliminations Consolidated
Revenues
Policy charges, fee income and premiums $ 287  $ —  $ —  $ 599  $ —  $ 886 
Net investment income (loss) 1,045  22  2  277  31  1,377 
Net derivative gains (losses) (5) (11) —  (12) 5  (23)
Investment management, service fees and other income 161  1,083  467  116  (266) 1,561 
Segment revenues 1,488  1,094  469  980  (230) 3,801 
Benefits and other deductions
Policyholders’ benefits 76  —  —  711  —  787 
Remeasurement of liability for future policy benefits —  —  —  (13) —  (13)
Interest credited to policyholders’ account balances 632  —  —  173  —  805 
Commissions and distribution-related payments 145  197  296  72  (222) 488 
Amortization of deferred policy acquisition costs 143  —  —  50  —  193 
Compensation and benefits, interest expense and financing fees and other operating costs and expense 71  634  105  210  (8) 1,012 
Segment benefits and other deductions 1,067  831  401  1,203  (230) 3,272 
Operating earnings (loss), before income taxes 421  263  68  (223) —  529 
Income Taxes (70) (48) (18) 44  —  (92)
Operating earnings (loss), before noncontrolling interest 351  215  50  (179) —  437 
Less: Operating (earnings) loss attributable to the noncontrolling interest —  (84) —  (1) —  (85)
Operating earnings (loss) $ 351  $ 131  $ 50  $ (180) $ —  $ 352 
For the Three Months Ended June 30, 2024
Retirement Asset Management Wealth Management Corporate and Other Eliminations Consolidated
Revenues
Policy charges, fee income and premiums $ 288  $ —  $ —  $ 611  $ —  $ 899 
Net investment income (loss) 896  7  4  263  22  1,192 
Net derivative gains (losses) (6) (1) —  (3) 6  (4)
Investment Management, service fees and other income 158  1,045  437  146  (255) 1,531 
Segment revenues 1,336  1,051  441  1,017  (227) 3,618 
Benefits and other deductions
Policyholders’ benefits 78  —  —  589  —  667 
Remeasurement of liability for future policy benefits 1  —  —  (8) —  (7)
Interest credited to policyholders’ account balances 454  —  —  144  —  598 
Commissions and distribution-related payments 126  180  282  89  (214) 463 
Amortization of deferred policy acquisition costs 119  —  —  50  —  169 
Compensation and benefits, interest expense and financing fees and other operating costs and expense 80  633  98  210  (13) 1,008 
Segment benefits and other deductions 858  813  380  1,074  (227) 2,898 
Operating earnings (loss), before income taxes 478  238  61  (57) —  720 
Income Taxes (68) (42) (17) 8  —  (119)
Operating earnings (loss), before noncontrolling interest 410  196  44  (49) —  601 
Less: Operating (earnings) loss attributable to the noncontrolling interest —  (95) —  (11) —  (106)
Operating earnings (loss) $ 410  $ 101  $ 44  $ (60) $ —  $ 495 
2Q 2025 Financial Supplement - Updated for Resegmentation
8

Operating Earnings (Loss) by Segment and Corporate and Other (2/2)
For the Six Months Ended June 30, 2025
(in millions USD, unless otherwise indicated) Retirement Asset Management Wealth Management Corporate and Other Eliminations Consolidated
Revenues
Policy charges, fee income and premiums $ 593  $ —  $ —  $ 1,233  $ —  $ 1,826 
Net investment income (loss) 2,028  25  5  508  56  2,622 
Net derivative gains (losses) (10) (24) —  (3) 10  (27)
Investment Management, service fees and other income 328  2,181  926  255  (526) 3,164 
Segment revenues 2,939  2,182  931  1,993  (460) 7,585 
Benefits and other deductions
Policyholders’ benefits 168  —  —  1,378  —  1,546 
Remeasurement of liability for future policy benefits (1) —  —  (14) —  (15)
Interest credited to policyholders’ account balances 1,162  —  —  306  —  1,468 
Commissions and distribution-related payments 287  398  589  155  (440) 989 
Amortization of deferred policy acquisition costs 282  —  —  99  —  381 
Compensation and benefits, interest expense and financing fees and other operating costs and expense 175  1,248  214  438  (20) 2,055 
Segment benefits and other deductions 2,073  1,646  803  2,362  (460) 6,424 
Operating earnings (loss), before income taxes 866  536  128  (369) —  1,161 
Income Taxes (138) (89) (33) 66  —  (194)
Operating earnings (loss), before noncontrolling interest 728  447  95  (303) —  967 
Less: Operating (earnings) loss attributable to the noncontrolling interest —  (190) —  (4) —  (194)
Operating earnings (loss) $ 728  $ 257  $ 95  $ (307) $ —  $ 773 
For the Six Months Ended June 30, 2024
Retirement Asset Management Wealth Management Corporate and Other Eliminations Consolidated
Revenues
Policy charges, fee income and premiums $ 569  0 $ —  $ —  $ 1,229  $ —  $ 1,798 
Net investment income (loss) 1,736  15  8  564  43  2,366 
Net derivative gains (losses) (11) (6) —  (11) 11  (17)
Investment Management, service fees and other income 322  2,135  855  295  (497) 3,110 
Segment revenues 2,616  2,144  863  2,077  (443) 7,257 
Benefits and other deductions
Policyholders’ benefits 155  —  —  1,189  —  1,344 
Remeasurement of liability for future policy benefits (2) —  —  —  —  (2)
Interest credited to policyholders’ account balances 880  —  —  297  —  1,177 
Commissions and distribution-related payments 247  353  542  172  (414) 900 
Amortization of deferred policy acquisition costs 243  —  —  98  —  341 
Compensation and benefits, interest expense and financing fees and other operating costs and expense 169  1,305  203  434  (29) 2,082 
Segment benefits and other deductions 1,692  1,658  745  2,190  (443) 5,842 
Operating earnings (loss), before income taxes 924  486  118  (113) —  1,415 
Income Taxes (132) (86) (32) 21  —  (229)
Operating earnings (loss), before noncontrolling interest 792  400  86  (92) —  1,186 
Less: Operating (earnings) loss attributable to the noncontrolling interest —  (193) —  (21) —  (214)
Operating earnings (loss)
 $ 792  $ 207  $ 86  $ (113) $ —  $ 972 

2Q 2025 Financial Supplement - Updated for Resegmentation
9

Assets Under Management and Administration
Balances as of
(in billions USD, unless otherwise indicated)
 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
AB AUM
Total AB $ 725.2  $ 758.7  $ 769.5  $ 805.9  $ 792.2  $ 784.5  $ 829.1 
Exclusion for General Account and other Affiliated Accounts
 (75.5) (76.8) (80.8) (85.0) (84.2) (87.4) (90.0)
Exclusion for Separate Accounts
 (44.0) (46.4) (46.3) (48.4) (47.3) (44.7) (47.8)
AB third party $ 605.7  $ 635.4  $ 642.4  $ 672.6  $ 660.7  $ 652.4  $ 691.3 
Total Company AUM
AB third party $ 605.7  $ 635.4  $ 642.4  $ 672.6  $ 660.7  $ 652.4  $ 691.3 
General Account and other Affiliated Accounts (1) (3) (4)
 110.4  113.0  117.4  123.8  123.4  127.1  136.8 
Separate Accounts (2) (3) (4)
 127.3  133.7  132.7  137.4  134.7  124.6  131.7 
Total AUM $ 843.4  $ 882.1  $ 892.5  $ 933.8  $ 918.8  $ 904.0  $ 959.7 
Total AUA (5) $ 88.2  $ 92.5  $ 94.8  $ 101.5  $ 101.7  $ 102.1  $ 110.3 
Total AUM/A
 $ 931.6  $ 974.6  $ 987.3  $ 1,035.3  $ 1,020.5  $ 1,006.1  $ 1,070.0 
Market Values:
S&P 500 4,770  5,254  5,460  5,762  5,882  5,612  6,205 
US 10-Year Treasury 3.9  % 4.2  % 4.4  % 3.7  % 4.6  % 4.2  % 4.2  %
Notes:
(1) “General Account and other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, Separate Account is inclusive of $8.2 billion, $7.9 billion, $12.3 billion, $12.8 billion, $12.5 billion, $12.9 billion and $12.5 billion & General Account AUM is inclusive of $31 million, $31 million, $43 million, $44 million, $46 million, $47 million and $49 million respectively, Account Value ceded to Venerable.
(4) As of June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, Separate Account is inclusive of $7.0 billion, $6.5 billion, $6.9 billion, $7.1 billion, $6.8 billion, $6.9 billion and $6.4 billion & General Account AUM is inclusive of $3.1 billion, $3.2 billion, $3.2 billion, $3.3 billion, $3.4 billion, $3.5 billion and $3.6 billion, respectively, Account Value ceded to Global Atlantic.
(5) Includes Advisory, Brokerage and Direct assets included in our Wealth Management segment.

2Q 2025 Financial Supplement - Updated for Resegmentation
10





Business Segments:
Operating Earnings Results and Metrics

2Q 2025 Financial Supplement - Updated for Resegmentation
11

Retirement - Operating Earnings (Loss) and Summary Metrics
For the Year Ended or As of For the Three Months Ended or As of For the Year Ended or As of For the Three Months Ended or As of For the Six Months Ended or As of
(in millions USD, unless otherwise indicated) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 12/31/2024 3/31/2025 6/30/2025 6/30/2025
Revenues
Policy charges, fee income and premiums $ 1,059  $ 281  $ 288  $ 305  $ 305  $ 1,179  $ 306  $ 287  $ 593 
Net investment income (loss) 2,939  840  896  959  942  3,637  983  1,045  2,028 
Net derivative gains (losses) (21) (5) (6) (5) (6) (22) (5) (5) (10)
Investment management, service fees and other income 617  164  158  180  183  685  167  161  328 
Segment revenues 4,594  1,280  1,336  1,439  1,424  5,479  1,451  1,488  2,939 
Benefits and other deductions
Policyholders’ benefits 299  77  78  83  86  324  92  76  168 
Remeasurement of liability for future policy benefits (2) (3) 1  1  (1) (2) (1) —  (1)
Interest credited to policyholders’ account balances 1,469  426  454  520  530  1,930  530  632  1,162 
Commissions and distribution-related payments 417  121  126  136  143  526  142  145  287 
Amortization of deferred policy acquisition costs 447  124  119  135  135  513  139  143  282 
Compensation and benefits, interest expense and financing fees and other operating costs and expense 314  89  80  80  93  342  104  71  175 
Segment benefits and other deductions 2,944  834  858  955  986  3,633  1,006  1,067  2,073 
Operating earnings (loss), before income taxes 1,650  446  478  484  438  1,846  445  421  866 
Income taxes (272) (64) (68) (68) (55) (255) (68) (70) (138)
Operating earnings (loss), before noncontrolling interest 1,378  382  410  416  383  1,591  377  351  728 
Less: Operating (earnings) loss attributable to the noncontrolling interest —  —  —  —  —  —  —  —  — 
Operating earnings (loss) $ 1,378  $ 382  $ 410  $ 416  $ 383  $ 1,591  $ 377  $ 351  $ 728 
Summary Metrics
Operating earnings (loss) (TTM)
 $ 1,378  $ 1,454  $ 1,536  $ 1,641  $ 1,591  $ 1,591  $ 1,586  $ 1,527  $ 1,527 
Average asset value (TTM) $ 128,627  $ 132,614  $ 136,334  $ 140,673  $ 145,408  $ 145,408  $ 149,051  $ 153,648  $ 153,648 
Return on assets (TTM) 1.28  % 1.31  % 1.34  % 1.37  % 1.27  % 1.27  % 1.24  % 1.16  % 1.16  %
Net flows $ 5,311  $ 1,514  $ 2,261  $ 1,664  $ 1,614  $ 7,053  $ 1,624  $ 1,919  $ 3,543 
Additional Detail
Net investment income (loss):
Investment income, excluding alternatives $ 2,912  $ 819  $ 874  $ 939  $ 925  $ 3,557  $ 953  $ 1,025  $ 1,978 
Alternative investment income
 27  21  22  20  17  80  30  20  50 
Total Net investment income (loss) $ 2,939  $ 840  $ 896  $ 959  $ 942  $ 3,637  $ 983  $ 1,045  $ 2,028 
Net interest margin $ 1,449  $ 409  $ 436  $ 434  $ 406  $ 1,685  $ 448  $ 408  $ 856 
2Q 2025 Financial Supplement - Updated for Resegmentation
12

Retirement - Select Operating Metrics
For the Year Ended or As of For the Three Months Ended or As of For the Year Ended or As of For the Three Months Ended or As of For the Six Months Ended or As of
(in millions USD, unless otherwise indicated) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 12/31/2024 3/31/2025 6/30/2025 6/30/2025
Sales Metrics (Net of Reinsurance)
First Year Premiums and Deposits:
Registered indexed-linked annuities (RILA) $ 11,334  $ 3,416  $ 3,464  $ 3,628  $ 3,746  $ 14,254  $ 3,534  $ 3,772  $ 7,306 
Traditional variable annuities 2,767  890  1,012  1,188  1,081  4,171  1,000  984  1,984 
Tax-exempt 1,113  316  299  311  326  1,252  349  297  646 
Corporate 356  93  108  115  93  409  78  70  148 
Institutional 98  16  542  26  108  692  424  325  749 
Other 138  30  31  43  40  144  31  64  95 
Total First Year Premiums and Deposits $ 15,806  $ 4,761  $ 5,456  $ 5,311  $ 5,394  $ 20,922  $ 5,416  $ 5,512  $ 10,928 
Renewal Premiums and Deposits:
Tax-exempt $ 1,703  $ 453  $ 492  $ 381  $ 492  $ 1,818  $ 486  $ 512  $ 998 
Corporate 378  99  93  92  93  377  103  91  194 
Other 395  109  94  86  95  384  91  88  179 
Total Renewal Premiums and Deposits $ 2,476  $ 661  $ 679  $ 559  $ 680  $ 2,579  $ 680  $ 691  $ 1,371 
Total Premiums and Deposits
 $ 18,282  $ 5,422  $ 6,135  $ 5,870  $ 6,074  $ 23,501  $ 6,096  $ 6,203  $ 12,299 
Net Amount at Risk (NAR)
Total GMIB NAR $ 14  $ 17  $ 21  $ 31  $ 31  $ 31  $ 45  $ 52  $ 52 
Total GMWB NAR $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Total GMDB NAR $ 3,114  $ 2,874  $ 2,981  $ 2,714  $ 2,986  $ 2,986  $ 3,277  $ 3,058  $ 3,058 
MRB Reserves (Net of Reinsurance) $ 602  $ 294  $ 378  $ 547  $ 436  $ 436  $ 711  $ 596  $ 596 
2Q 2025 Financial Supplement - Updated for Resegmentation
13

Retirement - Asset Value Rollforward
For the Year Ended or As of For the Three Months Ended or As of For the Year Ended or As of For the Three Months Ended or As of For the Six Months Ended or As of
(in millions USD, unless otherwise indicated) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 12/31/2024 3/31/2025 6/30/2025 6/30/2025
General Account:
Account value balance, beginning of period $ 47,292  $ 61,339  $ 66,465  $ 70,835  $ 75,842  $ 61,339  $ 78,361  $ 79,820  $ 78,361 
Premiums and deposits (1)
 11,777  3,632  4,263  3,860  3,877  15,632  4,529  4,288  8,817 
Surrenders, withdrawals and benefits (5,388) (1,586) (1,523) (1,704) (1,787) (6,600) (1,840) (1,891) (3,731)
Net flows 6,389  2,046  2,740  2,156  2,090  9,032  2,689  2,397  5,086 
Change in market value and reinvestment 1,721  (12) 351  1,342  (843) 838  1,706  584  2,290 
Change in fair value of embedded derivative instruments 5,927  3,092  1,279  1,509  1,272  7,152  (2,936) 4,612  1,676 
Other 10  —  —  —  —  —  —  —  — 
Account value balance, end of period 61,339  66,465  70,835  75,842  78,361  78,361  79,820  87,413  87,413 
Embedded derivative value, end of period 10,555  13,549  14,746  16,043  17,000  17,000  13,816  18,097  18,097 
Account value balance, end of period (net of embedded derivatives)
 50,784  52,916  56,089  59,799  61,361  61,361  66,004  69,316  69,316 
Total spread lending balances, end of period 13,899  13,433  13,430  12,973  12,908  12,908  13,943  16,315  16,315 
Reserves, end of period (excluding MRBs) 4,539  4,649  4,762  5,164  5,107  5,107  4,842  4,995  4,995 
Balance, end of period, General Account asset value
 $ 69,222  $ 70,998  $ 74,281  $ 77,936  $ 79,376  $ 79,376  $ 84,789  $ 90,626  $ 90,626 
Separate Accounts:
Account value balance, beginning of period $ 59,296  $ 67,139  $ 70,670  $ 70,694  $ 73,886  $ 67,139  $ 72,837  $ 69,788  $ 72,837 
Premiums and deposits (1)
 6,362  1,742  1,828  1,950  2,141  7,661  1,524  1,876  3,400 
Surrenders, withdrawals and benefits (7,440) (2,274) (2,307) (2,442) (2,617) (9,640) (2,589) (2,354) (4,943)
Net flows (1,078) (532) (479) (492) (476) (1,979) (1,065) (478) (1,543)
Change in market value and reinvestment 8,898  4,063  503  3,684  (573) 7,677  (1,984) 4,719  2,735 
Other 23  —  —  —  —  —  —  —  — 
Balance, end of period, Separate Accounts asset value
 $ 67,139  $ 70,670  $ 70,694  $ 73,886  $ 72,837  $ 72,837  $ 69,788  $ 74,029  $ 74,029 
Total:
Account value balance, beginning of period $ 106,588  $ 128,478  $ 137,135  $ 141,529  $ 149,728  $ 128,478  $ 151,198  $ 149,608  $ 151,198 
Premiums and deposits (1)
 18,139  5,374  6,091  5,810  6,018  23,293  6,053  6,164  12,217 
Surrenders, withdrawals and benefits (12,828) (3,860) (3,830) (4,146) (4,404) (16,240) (4,429) (4,245) (8,674)
Net flows 5,311  1,514  2,261  1,664  1,614  7,053  1,624  1,919  3,543 
Change in market value and reinvestment 10,619  4,051  854  5,026  (1,416) 8,515  (278) 5,303  5,025 
Change in fair value of embedded derivative instruments 5,927  3,092  1,279  1,509  1,272  7,152  (2,936) 4,612  1,676 
Other 33  —  —  —  —  —  —  —  — 
Account value balance, end of period 128,478  137,135  141,529  149,728  151,198  151,198  149,608  161,442  161,442 
Embedded derivative value, end of period 10,555  13,549  14,746  16,043  17,000  17,000  13,816  18,097  18,097 
Account value balance, end of period (net of embedded derivatives)
 117,923  123,586  126,783  133,685  134,198  134,198  135,792  143,345  143,345 
Total spread lending balances, end of period 13,899  13,433  13,430  12,973  12,908  12,908  13,943  16,315  16,315 
Reserves, end of period (excluding MRBs) 4,539  4,649  4,762  5,164  5,107  5,107  4,842  4,995  4,995 
Balance, end of period, total asset value
 $ 136,361  $ 141,668  $ 144,975  $ 151,822  $ 152,213  $ 152,213  $ 154,577  $ 164,655  $ 164,655 
Notes:
(1) Includes deposits from certain other products not reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.
2Q 2025 Financial Supplement - Updated for Resegmentation
14

Asset Management - Operating Earnings (Loss) and Summary Metrics
For the Year Ended or As of For the Three Months Ended or As of For the Year Ended or As of For the Three Months Ended or As of For the Six Months Ended or As of
(in millions USD, unless otherwise indicated) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 12/31/2024 3/31/2025 6/30/2025 6/30/2025
Revenues
Net investment income (loss) $ 18  $ 8  $ 7  $ 17  $ (5) $ 27  $ 3  $ 22  $ 25 
Net derivative gains (losses) (16) (5) (1) (16) 15  (7) (13) (11) (24)
Investment management, service fees and other income 4,115  1,090  1,045  1,085  1,239  4,459  1,098  1,083  2,181 
Segment revenues 4,117  1,093  1,051  1,086  1,249  4,479  1,088  1,094  2,182 
Benefits and other deductions
Commissions and distribution-related payments 610  173  180  192  197  742  201  197  398 
Compensation and benefits, interest expense and financing fees and other operating costs and expense 2,621  672  633  641  707  2,653  614  634  1,248 
Segment benefits and other deductions 3,231  845  813  833  904  3,395  815  831  1,646 
Operating earnings (loss), before income taxes 886  248  238  253  345  1,084  273  263  536 
Income taxes (126) (44) (42) (42) (50) (178) (41) (48) (89)
Operating earnings (loss), before noncontrolling interest 760  204  196  211  295  906  232  215  447 
Less: Operating (earnings) loss attributable to the noncontrolling interest (349) (98) (95) (100) (134) (427) (106) (84) (190)
Operating earnings (loss) $ 411  $ 106  $ 101  $ 111  $ 161  $ 479  $ 126  $ 131  $ 257 
Summary Metrics
Adjusted operating margin (1) 28.2  % 30.3  % 30.8  % 31.3  % 36.4  % 32.3  % 33.7  % 32.3  % 33.0  %
Net flows (in billions USD) $ (7.0) $ 0.5  $ 0.9  $ 1.1  $ (4.8) $ (2.2) $ 2.4  $ (6.7) $ (4.3)
Total AUM (in billions USD) $ 725.2  $ 758.7  $ 769.5  $ 805.9  $ 792.2  $ 792.2  $ 784.5  $ 829.1  $ 829.1 
Ownership Structure of AB
Holdings and its subsidiaries 59.8  % 59.6  % 59.7  % 60.0  % 61.9  % 61.9  % 61.8  % 61.9  % 61.9  %
AB Holding 39.5  % 39.7  % 39.6  % 39.3  % 37.5  % 37.5  % 37.5  % 37.5  % 37.5  %
Unaffiliated holders 0.7  % 0.7  % 0.7  % 0.7  % 0.6  % 0.6  % 0.7  % 0.6  % 0.6  %
Total 100.0  % 100.0  % 100.0  % 100.0  % 100.0  % 100.0  % 100.0  % 100.0  % 100.0  %
EQH economic interest 61.2  % 61.0  % 61.2  % 61.6  % 61.9  % 61.9  % 61.9  % 68.6  % 68.6  %
EQH average economic interest 61.5  % 61.1  % 61.1  % 61.4  % 61.8  % 61.3  % 61.9  % 68.6  % 65.2  %
Units of limited partnership outstanding (in millions) 286.6  287.3  286.8  285.6  292.1  292.1  292.3  292.1  292.1 
Notes:
(1) Adjusted operating margin is a non-GAAP financial measure used by AllianceBernstein L.P. (“AB”) management in evaluating AB’s financial performance on a standalone basis and to compare its performance, as reported by AB in its public filings. It is not comparable to any other non-GAAP financial measure used herein.

2Q 2025 Financial Supplement - Updated for Resegmentation
15

Asset Management - AB Select Adjusted Financials and Ratios
For the Year Ended For the Three Months Ended For the Year Ended For the Three Months Ended For the Six Months Ended
(in millions USD, unless otherwise indicated) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 12/31/2024 3/31/2025 6/30/2025 6/30/2025
AB revenues
Base fees $ 2,717  $ 723  $ 742  $ 785  $ 798  $ 3,048  $ 782  $ 772  $ 1,554 
Performance fees
Private markets (1) 101  20  25  24  67  136  20  22  42 
Public markets 25  7  17  2  66  92  19  8  27 
Bernstein Research Services 386  96  —  —  —  96  —  —  — 
Investment gains (losses) 1  3  4  —  6  13  (11) 8  (3)
Dividend & interest revenue 184  42  41  36  34  153  32  31  63 
Other revenues 66  17  19  19  20  75  14  19  33 
Total AB revenues 3,480  908  848  866  991  3,613  856  860  1,716 
Less: broker-dealer related interest expense 108  24  22  21  18  85  18  16  34 
AB adjusted net revenues 3,372  884  826  845  973  3,528  838  844  1,682 
AB expenses
Compensation and fringes 1,654  433  404  406  447  1,690  406  409  815 
Other employment costs 35  9  9  8  10  36  8  10  18 
Total AB compensation and benefits 1,689  442  413  414  457  1,726  414  419  833 
Promotion and servicing 181  46  33  30  40  149  30  34  64 
General and administrative 551  128  126  137  122  513  111  118  229 
Total AB adjusted operating expenses 2,421  616  572  581  619  2,388  555  571  1,126 
— 
AB adjusted operating income, before income taxes 951  268  254  264  354  1,140  283  273  556 
Interest on borrowings 13  17  12  8  6  43  7  9  16 
Other (2) 52  3  4  3  3  13  3  1  4 
Operating earnings (loss), before income taxes 886  248  238  253  345  1,084  273  263  536 
Income taxes (126) (44) (42) (42) (50) (178) (41) (48) (89)
Operating earnings (loss), before noncontrolling interest 760  204  196  211  295  906  232  215  447 
Less: Operating (earnings) loss attributable to the noncontrolling interest (349) (98) (95) (100) (134) (427) (106) (84) (190)
Operating earnings (loss) $ 411  $ 106  $ 101  $ 111  $ 161  $ 479  $ 126  $ 131  $ 257 
Adjusted operating margin (3) 28.2  % 30.3  % 30.8  % 31.3  % 36.4  % 32.3  % 33.7  % 32.3  % 33.0  %
Compensation ratio 49.1  % 49.0  % 48.9  % 48.0  % 45.9  % 47.9  % 48.4  % 48.5  % 48.5  %
Notes:
(1) Private Market strategies eligible for performance fees include: AB-Private Credit Investors (“AB-PCI”), US and EU Commercial Real Estate Debt, and AB CarVal.
(2) Includes amortization expense of intangible assets associated with EQH purchase of AB and equity income/loss associated with certain AB equity method investments.
(3) Adjusted operating margin is a non-GAAP financial measure used by AllianceBernstein L.P. (“AB”) management in evaluating AB’s financial performance on a standalone basis and to compare its performance, as reported by AB in its public filings. It is not comparable to any other non-GAAP financial measure used herein.
2Q 2025 Financial Supplement - Updated for Resegmentation
16

Asset Management - Select Operating Metrics
For the Three Months Ended or As of
(in billions USD, unless otherwise indicated) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
AUM Roll-forward
Balance as of beginning of period $ 669.0  $ 725.2  $ 758.7  $ 769.5  $ 805.9  $ 792.2  $ 784.5 
Sales/new accounts 28.3  32.6  31.9  35.5  33.6  36.1  27.9 
Redemptions/terminations (24.1) (25.2) (25.7) (26.4) (29.2) (29.7) (30.7)
Cash flow/unreinvested dividends (6.0) (6.9) (5.3) (8.0) (9.2) (4.0) (3.9)
Net long-term (outflows) inflows (1.8) 0.5  0.9  1.1  (4.8) 2.4  (6.7)
Adjustment (1) —  —  —  —  0.7  —  — 
Market appreciation (depreciation) 58.0  33.0  9.9  35.3  (9.6) (10.1) 51.3 
Net change 56.2  33.5  10.8  36.4  (13.7) (7.7) 44.6 
Balance as of end of period $ 725.2  $ 758.7  $ 769.5  $ 805.9  $ 792.2  $ 784.5  $ 829.1 
Ending Assets by distribution channel
Institutions $ 317.1  $ 322.5  $ 322.7  $ 335.2  $ 321.4  $ 324.1  $ 340.0 
Retail 286.8  308.0  316.4  334.5  334.3  324.1  344.7 
Private Wealth 121.3  128.2  130.4  136.2  136.5  136.3  144.4 
Total $ 725.2  $ 758.7  $ 769.5  $ 805.9  $ 792.2  $ 784.5  $ 829.1 
Ending Assets by investment service
Equity
Actively Managed $ 247.5  $ 264.1  $ 264.4  $ 271.3  $ 263.4  $ 249.0  $ 273.4 
Passively Managed (2) 62.1  64.7  65.8  68.9  68.3  65.8  70.8 
Total Equity $ 309.6  $ 328.8  $ 330.2  $ 340.2  $ 331.7  $ 314.8  $ 344.2 
Fixed Income
Actively Managed $ 269.7  $ 276.1  $ 282.2  $ 287.4  $ 285.5  $ 290.0  $ 294.0 
Passively Managed (2) 11.4  11.2  11.0  11.4  10.3  10.1  10.2 
Total Fixed Income 281.1  287.3  293.2  298.8  295.8  300.1  304.2 
Total Alternatives/Multi-Asset Solutions (3) 134.5  142.6  146.1  166.9  164.7  169.6  180.7 
Total $ 725.2  $ 758.7  $ 769.5  $ 805.9  $ 792.2  $ 784.5  $ 829.1 
Notes:
(1) This adjustment is due to a change in fee policy related to certain fixed income assets effective October 1, 2024.
(2) Includes index and enhanced index services.
(3) Includes certain multi-asset solutions and services not included in equity or fixed income services.

2Q 2025 Financial Supplement - Updated for Resegmentation
17

Asset Management - Net Flows
For the Year Ended For the Three Months Ended For the Year Ended For the Three Months Ended For the Six Months Ended
(in billions USD, unless otherwise indicated) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 12/31/2024 3/31/2025 6/30/2025 6/30/2025
Net Flows by Distribution Channel
Institutions
US $ 1.3  $ (1.5) $ 1.9  $ 1.7  $ (0.2) $ 2.1  $ 2.7  $ 2.8  $ 5.5 
Global and Non-US (13.1) (2.7) (3.7) (6.1) (6.0) (18.6) (2.0) (4.3) (6.3)
Total Institutions $ (11.8) $ (4.2) $ (1.8) $ (4.4) $ (6.2) $ (16.5) $ 0.7  $ (1.5) $ (0.8)
Retail
US $ 2.8  $ 1.9  $ 2.7  $ 4.0  $ 4.3  $ 12.7  $ 3.0  $ (1.6) $ 1.4 
Global and Non-US 0.9  2.3  0.1  1.4  (3.2) 0.7  (2.1) (3.2) (5.3)
Total Retail $ 3.7  $ 4.2  $ 2.8  $ 5.4  $ 1.1  $ 13.4  $ 0.9  $ (4.8) $ (3.9)
Private Wealth
US $ 2.3  $ 0.7  $ 0.2  $ 0.2  $ 0.5  $ 1.7  $ 1.6  $ 0.1  $ 1.7 
Global and Non-US (1.2) (0.2) (0.3) (0.1) (0.2) (0.8) (0.8) (0.5) (1.3)
Total Private Wealth $ 1.1  $ 0.5  $ (0.1) $ 0.1  $ 0.3  $ 0.9  $ 0.8  $ (0.4) $ 0.4 
Total Net Flows by Distribution Channel $ (7.0) $ 0.5  $ 0.9  $ 1.1  $ (4.8) $ (2.2) $ 2.4  $ (6.7) $ (4.3)
Net Flows by Investment Service
Equity Active
US $ (6.2) $ (1.5) $ (1.5) $ (0.3) $ (4.1) $ (7.3) $ (0.3) $ (3.3) $ (3.6)
Global and Non-US (9.3) (4.7) (4.6) (4.2) (3.3) (16.8) (2.2) (2.7) (4.9)
Total Equity Active $ (15.5) $ (6.2) $ (6.1) $ (4.5) $ (7.4) $ (24.1) $ (2.5) $ (6.0) $ (8.5)
Equity Passive (1)
US $ (3.7) $ (3.2) $ (0.6) $ (0.7) $ (1.1) $ (5.6) $ (0.1) $ —  $ (0.1)
Global and Non-US (0.3) (0.1) (0.1) (0.4) (0.3) (1.0) 0.3  (1.9) (1.6)
Total Equity Passive (1) $ (4.0) $ (3.3) $ (0.7) $ (1.1) $ (1.4) $ (6.6) $ 0.2  $ (1.9) $ (1.7)
Fixed Income - Taxable
US $ 8.7  $ 1.3  $ 4.6  $ 1.5  $ 3.2  $ 10.6  $ 2.2  $ 2.0  $ 4.2 
Global and Non-US (2.1) 3.3  (0.2) 1.2  (3.9) 0.4  (3.6) (3.5) (7.1)
Total Fixed Income - Taxable $ 6.6  $ 4.6  $ 4.4  $ 2.7  $ (0.7) $ 11.0  $ (1.4) $ (1.5) $ (2.9)
Fixed Income - Tax-Exempt
US $ 5.7  $ 2.9  $ 1.9  $ 3.3  $ 5.5  $ 13.6  $ 2.4  $ 1.2  $ 3.6 
Global and Non-US —  —  —  —  —  —  —  —  — 
Total Fixed Income - Tax-Exempt $ 5.7  $ 2.9  $ 1.9  $ 3.3  $ 5.5  $ 13.6  $ 2.4  $ 1.2  $ 3.6 
Fixed Income - Passive (1)
US $ 1.5  $ —  $ (0.1) $ (0.2) $ (0.1) $ (0.5) $ (0.4) $ (0.1) $ (0.5)
Global and Non-US —  (0.1) 0.1  (0.1) (0.5) (0.5) (0.1) —  (0.1)
Total Fixed Income - Passive (1) $ 1.5  $ (0.1) $ —  $ (0.3) $ (0.6) $ (1.0) $ (0.5) $ (0.1) $ (0.6)
Alternatives/Multi-Asset Solutions (2)
US $ 0.4  $ 1.6  $ 0.5  $ 2.3  $ 1.2  $ 5.7  $ 3.5  $ 1.5  $ 5.0 
Global and Non-US (1.7) 1.0  0.9  (1.3) (1.4) (0.8) 0.7  0.1  0.8 
Total Alternatives/Multi-Asset Solutions (2) $ (1.3) $ 2.6  $ 1.4  $ 1.0  $ (0.2) $ 4.9  $ 4.2  $ 1.6  $ 5.8 
Total Net Flows by Investment Service $ (7.0) $ 0.5  $ 0.9  $ 1.1  $ (4.8) $ (2.2) $ 2.4  $ (6.7) $ (4.3)
Active vs. Passive Net Flows
Actively Managed
Equity $ (15.5) $ (6.2) $ (6.1) $ (4.5) $ (7.4) $ (24.1) $ (2.5) $ (6.0) $ (8.5)
Fixed Income 12.3  7.5  6.3  6.0  4.8  24.6  1.0  (0.4) 0.6 
Alternatives/Multi-Asset Solutions (2) (2.0) 2.4  1.1  0.7  (0.4) 3.8  4.2  1.6  5.8 
Total $ (5.2) $ 3.7  $ 1.3  $ 2.2  $ (3.0) $ 4.3  $ 2.7  $ (4.8) $ (2.1)
Passively Managed (1)
Equity $ (4.0) $ (3.3) $ (0.7) $ (1.2) $ (1.4) $ (6.6) $ 0.2  $ (1.9) $ (1.7)
Fixed Income 1.5  (0.1) —  (0.3) (0.6) (1.0) (0.5) (0.1) (0.6)
Alternatives/Multi-Asset Solutions (2) 0.7 0.2 0.3 0.4 0.2  1.1 — 0.1 0.1
Total $ (1.8) $ (3.2) $ (0.4) $ (1.1) $ (1.8) $ (6.5) $ (0.3) $ (1.9) $ (2.2)
Total Active vs Passive Net Flows $ (7.0) $ 0.5  $ 0.9  $ 1.1  $ (4.8) $ (2.2) $ 2.4  $ (6.7) $ (4.3)
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.
2Q 2025 Financial Supplement - Updated for Resegmentation
18

Wealth Management - Operating Earnings (Loss) and Summary Metrics
For the Year Ended or As of For the Three Months Ended or As of For the Year Ended or As of For the Three Months Ended or As of For the Six Months Ended or As of
(in millions USD, unless otherwise indicated) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 12/31/2024 3/31/2025 6/30/2025 6/30/2025
Revenues
Net investment income (loss) $ 13  $ 4  $ 4  $ 4  $ 5  $ 17  $ 3  $ 2  $ 5 
Investment management, service fees and other income 1,535  418  437  445  474  1,774  459  467  926 
Segment revenues 1,548  422  441  449  479  1,791  462  469  931 
Benefits and other deductions
Commissions and distribution-related payments 968  260  282  281  310  1,133  293  296  589 
Compensation and benefits, interest expense and financing fees and other operating costs and expense 371  105  98  103  110  416  109  105  214 
Segment benefits and other deductions 1,339  365  380  384  420  1,549  402  401  803 
Operating earnings (loss), before income taxes 209  57  61  65  59  242  60  68  128 
Income taxes (51) (15) (17) (16) (12) (60) (15) (18) (33)
Operating earnings (loss), before noncontrolling interest 158  42  44  49  47  182  45  50  95 
Less: Operating (earnings) loss attributable to the noncontrolling interest —  —  —  —  —  —  —  —  — 
Operating earnings (loss) $ 158  $ 42  $ 44  $ 49  $ 47  $ 182  $ 45  $ 50  $ 95 
Summary Metrics
Pre-tax operating margin 13.5  % 13.5  % 13.8  % 14.5  % 12.3  % 13.5  % 13.0  % 14.5  % 13.7  %
Advisory net new assets $ 3,698  $ (39) $ 1,602  $ 2,064  $ 1,139  $ 4,766  $ 1,981  $ 2,027  $ 4,008 
Total AUA $ 88,163  $ 92,472  $ 94,786  $ 101,487  $ 101,695  $ 101,695  $ 102,057  $ 110,265  $ 110,265 
Revenue by Activity Type
Investment management, service fees and other income:
Investment management and advisory fees $ 541  $ 150  $ 160  $ 167  $ 179  $ 656  $ 181  $ 184  $ 365 
Distribution fees 931  253  260  262  281  1,056  263  268  531 
Interest income 49  13  12  12  11  48  11  10  21 
Service and other income 14  2  5  4  3  14  4  5  9 
Total Investment management, service fees and other income $ 1,535  $ 418  $ 437  $ 445  $ 474  $ 1,774  $ 459  $ 467  $ 926 



2Q 2025 Financial Supplement - Updated for Resegmentation
19

Wealth Management - Select Operating Metrics
For the Year Ended or As of For the Three Months Ended or As of For the Year Ended or As of For the Three Months Ended or As of For the Six Months Ended or As of
(in millions USD, unless otherwise indicated) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 12/31/2024 3/31/2025 6/30/2025 6/30/2025
AUA Roll-forward
Advisory assets :
Beginning assets $ 45,344  $ 54,978  $ 57,923  $ 60,134  $ 65,267  $ 54,978  $ 65,839  $ 66,795  $ 65,839 
Net new assets 3,698  (39) 1,602  2,064  1,139  4,766  1,981  2,027  4,008 
Market appreciation (depreciation) and other 5,936  2,984  609  3,069  (567) 6,095  (1,025) 4,471  3,446 
Advisory ending assets $ 54,978  $ 57,923  $ 60,134  $ 65,267  $ 65,839  $ 65,839  $ 66,795  $ 73,293  $ 73,293 
Brokerage and direct assets $ 33,185  $ 34,549  $ 34,652  $ 36,220  $ 35,856  $ 35,856  $ 35,263  $ 36,972  $ 36,972 
Total Wealth Management assets $ 88,163  $ 92,472  $ 94,786  $ 101,487  $ 101,695  $ 101,695  $ 102,057  $ 110,265  $ 110,265 
Cash balances $ 2,953  $ 2,804  $ 2,695  $ 2,767  $ 3,083  $ 3,083  $ 2,985  $ 3,004  $ 3,004 
Advisors
Advisors 4,406  4,320  4,358  4,396  4,587  4,587  4,502  4,476  4,476 
Revenue per advisor TTM (in thousands USD) $ 370  $ 379  $ 385  $ 393  $ 406  $ 406  $ 410  $ 414  $ 414 




2Q 2025 Financial Supplement - Updated for Resegmentation
20

Corporate and Other - Operating Earnings (Loss) and Summary Metrics
For the Year Ended For the Three Months Ended For the Year Ended For the Three Months Ended For the Six Months Ended
(in millions USD, unless otherwise indicated) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 12/31/2024 3/31/2025 6/30/2025 6/30/2025
Revenues
Policy charges, fee income and premiums $ 2,416  $ 618  $ 611  $ 633  $ 626  $ 2,488  $ 634  $ 599  $ 1,233 
Net investment income (loss) 1,163  301  263  248  261  1,073  231  277  508 
Net derivative gains (losses) (33) (8) (3) (6) —  (17) 9  (12) (3)
Investment management, service fees and other income 552  149  146  145  151  591  139  116  255 
Segment revenues 4,098  1,060  1,017  1,020  1,038  4,135  1,013  980  1,993 
Benefits and other deductions
Policyholders’ benefits 2,461  600  589  580  603  2,372  667  711  1,378 
Remeasurement of liability for future policy benefits 23  8  (8) (2) (2) (4) (1) (13) (14)
Interest credited to policyholders’ account balances 572  153  144  150  127  574  133  173  306 
Commissions and distribution-related payments 347  83  89  88  92  352  83  72  155 
Amortization of deferred policy acquisition costs 194  48  50  49  51  198  49  50  99 
Compensation and benefits, interest expense and financing fees and other operating costs and expense 820  224  210  195  260  889  228  210  438 
Segment benefits and other deductions 4,417  1,116  1,074  1,060  1,131  4,381  1,159  1,203  2,362 
Operating earnings (loss), before income taxes (319) (56) (57) (40) (93) (246) (146) (223) (369)
Income taxes 56  13  8  4  14  39  22  44  66 
Operating earnings (loss), before noncontrolling interest (263) (43) (49) (36) (79) (207) (124) (179) (303)
Less: Operating (earnings) loss attributable to the noncontrolling interest (21) (10) (11) (23) 3  (41) (3) (1) (4)
Operating earnings (loss) $ (284) $ (53) $ (60) $ (59) $ (76) $ (248) $ (127) $ (180) $ (307)
Additional Detail
Net investment income (loss):
Investment income, excluding alternatives $ 1,144  $ 282  $ 250  $ 222  $ 249  $ 1,003  $ 215  $ 249  $ 464 
Alternative investment income
 19  19  13  26  12  70  16  28  44 
Total Net investment income (loss) $ 1,163  $ 301  $ 263  $ 248  $ 261  $ 1,073  $ 231  $ 277  $ 508 

2Q 2025 Financial Supplement - Updated for Resegmentation
21

Corporate and Other - Select Operating Metrics
For the Year Ended or As of For the Three Months Ended or As of For the Year Ended or As of For the Three Months Ended or As of For the Six Months Ended or As of
(in millions USD, unless otherwise indicated) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 12/31/2024 3/31/2025 6/30/2025 6/30/2025
Individual Life (Net of Reinsurance)
First Year Premiums and Deposits:
Variable Universal Life $ 339  $ 80  $ 86  $ 90  $ 112  $ 368  $ 90  $ 99  $ 189 
Other 24  6  5  6  5  22  5  4  9 
Total First Year Premiums and Deposits $ 363  $ 86  $ 91  $ 96  $ 117  $ 390  $ 95  $ 103  $ 198 
Renewal Premiums and Deposits:
Universal Life/ Indexed Universal Life $ 991  $ 240  $ 230  $ 242  $ 214  $ 925  $ 224  $ 206  $ 430 
Variable Universal Life 989  251  259  249  279  1,038  272  262  534 
Other 357  90  84  84  85  344  85  79  164 
Total Renewal Premiums and Deposits $ 2,337  $ 581  $ 573  $ 575  $ 578  $ 2,307  $ 581  $ 547  $ 1,128 
Total Premiums and Deposits
 $ 2,700  $ 667  $ 664  $ 671  $ 695  $ 2,697  $ 676  $ 650  $ 1,326 
Individual Life Benefit Ratio 90.5  % 87.3  % 85.6  % 81.8  % 86.4  % 85.3  % 105.3  % 113.5  % 109.4  %
Individual Life In-force Face Amount (in billions USD) $ 354.3  $ 355.9  $ 355.1  $ 354.4  $ 354.1  $ 354.1  $ 353.0  $ 352.1  $ 352.1 
Employee Benefits
First Year Premiums and Deposits $ 104  $ 28  $ 29  $ 32  $ 31  $ 120  $ 35  $ 31  $ 66 
Renewal Premiums and Deposits 268  75  80  81  84  320  85  86  171 
Total Premiums and Deposits
 $ 372  $ 103  $ 109  $ 113  $ 115  $ 440  $ 120  $ 117  $ 237 
Legacy Annuity
Net flows $ (2,298) $ (658) $ (667) $ (712) $ (787) $ (2,824) $ (719) $ (580) $ (1,299)
Account value - balance, end of period $ 21,840  $ 22,514  $ 21,903  $ 22,254  $ 21,358  $ 21,358  $ 19,912  $ 20,490  $ 20,490 
Net Amount at Risk (NAR)
Total GMIB NAR $ 2,822  $ 2,502  $ 2,462  $ 2,692  $ 2,390  $ 2,390  $ 2,706  $ 2,489  $ 2,489 
Total GMDB NAR $ 9,465  $ 8,982  $ 8,984  $ 8,472  $ 8,602  $ 8,602  $ 9,034  $ 8,411  $ 8,411 
MRB Reserves (Net of Reinsurance) $ 3,998  $ 3,368  $ 3,429  $ 3,416  $ 3,136  $ 3,136  $ 3,532  $ 3,271  $ 3,271 
2Q 2025 Financial Supplement - Updated for Resegmentation
22







Investments

2Q 2025 Financial Supplement - Updated for Resegmentation
23

Consolidated Investment Portfolio Composition
Balances as of
(in millions USD, unless otherwise indicated) December 31, 2024 June 30, 2025
Amount (1) % of Total Amount (1) % of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value $ 76,641  62.1  % $ 80,094  58.6  %
Fixed maturities, at fair value using the fair value option 2,053  1.7  % 2,428  1.8  %
Mortgage loans on real estate 20,072  16.3  % 21,536  15.7  %
Policy loans 4,330  3.5  % 4,355  3.2  %
Other equity investments 3,719  3.0  % 3,789  2.8  %
Other invested assets 8,537  6.9  % 8,301  6.1  %
Subtotal investment assets 115,352  93.5  % 120,503  88.2  %
Trading securities 1,089  0.9  % 1,295  0.9  %
Total investments 116,441  94.4  % 121,798  89.1  %
Cash and cash equivalents 6,964  5.6  % 14,957  10.9  %
Total $ 123,405  100.0  % $ 136,755  100.0  %
General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance $ 16,080  19.1  % $ 15,524  17.9  %
Manufacturing 12,499  14.8  % 11,894  13.7  %
Utilities 8,476  10.1  % 8,423  9.7  %
Services 8,899  10.6  % 7,876  9.1  %
Energy 2,546  3.0  % 2,635  3.0  %
Retail and wholesale 2,979  3.5  % 3,771  4.4  %
Transportation 1,559  1.9  % 2,569  3.0  %
Other 1,665  2.0  % 415  0.5  %
Total corporate securities 54,703  65.0  % 53,107  61.3  %
U.S. government and agency 5,801  6.9  % 5,983  6.9  %
Residential mortgage-backed (2) 4,520  5.4  % 5,506  6.4  %
Preferred stock 56  0.1  % 54  0.1  %
State & political 472  0.6  % 423  0.5  %
Foreign governments 689  0.8  % 690  0.8  %
Commercial mortgage-backed 4,301  5.1  % 4,839  5.6  %
Asset-backed securities 13,660  16.2  % 15,907  18.4  %
Total $ 84,202  100.0  % $ 86,509  100.0  %
General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1) $ 56,266  66.8  % $ 58,605  67.7  %
Baa (NAIC Designation 2) 26,255  31.2  % 26,271  30.4  %
Investment grade 82,521  98.0  % 84,876  98.1  %
Below investment grade (NAIC Designation 3 and 4) 1,681  2.0  % 1,633  1.9  %
Total $ 84,202  100.0  % $ 86,509  100.0  %
Notes:
(1) Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings.
(2) Includes publicly traded agency pass-through securities and collateralized obligations.
(3) Credit quality based on NAIC rating.
2Q 2025 Financial Supplement - Updated for Resegmentation
24

Consolidated Results of General Account Investment Portfolio
For the Six Months Ended or As of Years Ended or As of
(in millions USD, unless otherwise indicated) June 30, 2024 June 30, 2025 December 31, 2024
Yield Amount (2) Yield Amount (2) Yield Amount (2)
Fixed Maturities:
Income (loss) 4.36  % $ 1,648  4.37  % $ 1,859  4.39  % $ 3,447 
Ending assets 79,124  86,509  84,202 
Mortgages:
Income (loss) 5.10  % 473  4.99  % 516  5.14  % 973 
Ending assets 18,802  21,536  20,072 
Other Equity Investments (1):
Income (loss) 6.23  % 110  5.75  % 101  5.75  % 203 
Ending assets 3,598  3,571  3,495 
Trading Securities:
Income 0.73  % 2  9.47  % 29  5.07  % 16 
Ending assets 495  723  527 
Policy Loans:
Income 5.23  % 110  4.93  % 107  5.31  % 225 
Ending assets 4,247  4,355  4,330 
Cash and Short-term Investments:
Income (loss) 4.78  % 146  4.26  % 126  4.89  % 266 
Ending assets 5,817  12,239  3,259 
Total Net Investment Income:
Investment income 4.59  % 2,489  4.56  % 2,738  4.63  % 5,130 
Less: investment fees (4) (0.16) % (88) (0.16) % (97) (0.16) % (180)
Investment income, net 4.43  % $ 2,401  4.40  % $ 2,641  4.46  % $ 4,950 
General Account Ending Net Assets $ 112,083  $ 128,933  $ 115,885 
Operating Earnings adjustments:
AB and other non-General Account investment income (loss)
 (35) (19) 85 
Operating Net investment income (loss) $ 2,366  $ 2,622  $ 4,865 
Notes:
(1) Includes, as of June 30, 2024, June 30, 2025 and December 31, 2024, $371 million, $364 million and $431 million of other invested assets. Amounts for certain consolidated VIE investments are shown net of associated non-controlling interest.
(2) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, write-downs, adjusted amortization of premiums, accretion of discount and allowances. Cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.
2Q 2025 Financial Supplement - Updated for Resegmentation
25








Additional Information
2Q 2025 Financial Supplement - Updated for Resegmentation
26

Deferred Policy Acquisition Costs Rollforward
For the Year Ended or As of For the Three Months Ended or As of For the Year Ended or As of For the Three Months Ended or As of For the Six Months Ended or As of
(in millions USD, unless otherwise indicated) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 12/31/2024 3/31/2025 6/30/2025 6/30/2025
TOTAL
Beginning balance $ 6,369  $ 6,705  $ 6,804  $ 6,924  $ 7,031  $ 6,705  $ 7,170  $ 7,262  $ 7,170 
Capitalization of commissions, sales and issue expenses 976  270  291  291  324  1,176  282  292  574 
Amortization (640) (171) (171) (184) (185) (711) (190) (193) (383)
Ending balance $ 6,705  $ 6,804  $ 6,924  $ 7,031  $ 7,170  $ 7,170  $ 7,262  $ 7,361  $ 7,361 
Retirement
Beginning balance $ 4,019  $ 4,333  $ 4,429  $ 4,542  $ 4,649  $ 4,333  $ 4,780  $ 4,872  $ 4,780 
Capitalization of commissions, sales and issue expenses 760  220  233  240  267  960  231  243  474 
Amortization (446) (124) (120) (133) (136) (513) (139) (143) (282)
Ending balance $ 4,333  $ 4,429  $ 4,542  $ 4,649  $ 4,780  $ 4,780  $ 4,872  $ 4,972  $ 4,972 
Corporate and Other
Beginning balance $ 2,350  $ 2,372  $ 2,375  $ 2,382  $ 2,382  $ 2,372  $ 2,390  $ 2,390  $ 2,390 
Capitalization of commissions, sales and issue expenses 216  50  58  51  57  216  51  49  100 
Amortization (194) (47) (51) (51) (49) (198) (51) (50) (101)
Ending balance $ 2,372  $ 2,375  $ 2,382  $ 2,382  $ 2,390  $ 2,390  $ 2,390  $ 2,389  $ 2,389 

2Q 2025 Financial Supplement - Updated for Resegmentation
27

Use of Non-GAAP Financial Measures
In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, and Non-GAAP operating common EPS, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these Non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These Non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is a mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled Non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our Non-GAAP financial measures may not be comparable to similar measures used by other companies.
We also discuss certain operating measures, including AUM, AUA, AV, policy reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.
Non-GAAP Operating Earnings
Non-GAAP Operating Earnings is an after-tax Non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.
Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:
• Items related to variable annuity product features, which include: (i) changes in the fair value of MRB and purchased MRB, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the MRB which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;
• Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
• Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
• Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB when the majority of the impact relates to the non-core business; and
• Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.
Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of the Company’s underlying drivers of profitability and trends in our business, thereby allowing management to make decisions that will positively impact our business.
We use the prevailing corporate federal income tax rate of 21% while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings.
Use of Non-GAAP Financial Measures
"Non-GAAP Operating ROE"
We calculate Non-GAAP Operating ROE by dividing Non-GAAP Operating Earnings for the previous twelve calendar months by consolidated average equity attributable to Holdings’ common shareholders, excluding AOCI. AOCI fluctuates period-to-period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our AFS securities. Therefore, we believe excluding AOCI is more effective for analyzing the trends of our operations.
Book Value per common share, excluding AOCI
We use the term “book value” to refer to “Total equity attributable to Holdings' common shareholders.” Book Value per common share, excluding AOCI, is our stockholder’s equity, excluding AOCI, divided by ending common shares outstanding.
Non-GAAP Operating Earnings per common share
Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding.
2Q 2025 Financial Supplement - Updated for Resegmentation
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Reconciliation of Non-GAAP Measures (1/3)
For the Year Ended or As of For the Three Months Ended or As of For the Year Ended or As of For the Three Months Ended or As of For the Six Months Ended or As of
(in millions USD, unless otherwise indicated) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 12/31/2024 3/31/2025 6/30/2025 6/30/2025
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings $ 1,283  $ 92  $ 428  $ (132) $ 892  $ 1,280  $ 63  $ (349) $ (286)
Adjustments related to:
Variable annuity product features (1) 593  330  81  756  (530) 637  211  934  1,145 
Investment (gains) losses, net 713  39  16  46  32  133  14  71  85 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations 39  17  14  13  16  60  11  11  22 
Other adjustments (2) (3) (4) (6)
 350  91  (33) 1  34  93  205  (137) 68 
Income tax expense (benefit) related to above adjustments (356) (100) (16) (172) 94  (194) (92) (185) (277)
Non-recurring tax items (5)
 (959) 8  5  5  (23) (5) 9  7  16 
Non-GAAP Operating Earnings $ 1,663  $ 477  $ 495  $ 517  $ 515  $ 2,004  $ 421  $ 352  $ 773 
Net income (loss) attributable to Holdings $ 3.65  $ 0.27  $ 1.31  $ (0.42) $ 2.82  $ 3.94  $ 0.20  $ (1.15) $ (0.94)
Less: Preferred stock dividends 0.23  0.04  0.08  0.04  0.08  0.25  0.04  0.06  0.10 
Net income (loss) available to Holdings' common shareholders 3.42  0.23  1.23  (0.46) 2.74  3.69  0.16  (1.21) (1.04)
Adjustments related to:
Variable annuity product features (1) 1.69  0.99  0.25  2.38  (1.67) 1.96  0.68  3.08  3.75 
Investment (gains) losses, net 2.03  0.12  0.05  0.14  0.10  0.41  0.04  0.23  0.28 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations 0.11  0.05  0.04  0.04  0.05  0.19  0.04  0.04  0.07 
Other adjustments (2) (3) (4) (6)
 0.99  0.28  (0.11) —  0.10  0.29  0.64  (0.45) 0.23 
Income tax expense (benefit) related to above adjustments (1.01) (0.30) (0.05) (0.54) 0.30  (0.60) (0.29) (0.61) (0.91)
Non-recurring tax items (5)
 (2.73) 0.02  0.02  0.02  (0.07) (0.02) 0.03  0.02  0.05 
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders $ 4.50  $ 1.39  $ 1.43  $ 1.58  $ 1.55  $ 5.92  $ 1.30  $ 1.10  $ 2.43 
Book Value per common share
Book Value per common share $ 3.22  $ 1.31  $ 0.11  $ 5.20  $ 0.19  $ 0.19  $ 2.92  $ (0.26) $ (0.26)
Less: Per share impact of AOCI (23.36) (25.00) (26.98) (20.92) (28.11) (28.11) (24.70) (24.63) (24.63)
Book value per common share (ex. AOCI) $ 26.58  $ 26.31  $ 27.09  $ 26.12  $ 28.30  $ 28.30  $ 27.62  $ 24.37  $ 24.37 
Notes:
(1) As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the three months ended March 31, 2025 and six months ended June 30, 2025. The impact per common share is $1.60 and $1.63 for the three months ended March 31, 2025 and six months ended June 30, 2025, respectively.
(2) Includes a loss of $165 million or $0.53 on Non-VA derivatives for the three months ended March 31, 2025 and a gain of $198 million or $0.65 and $33 million or $0.11 on Non-VA derivatives for the three and six months ended June 30, 2025, respectively. Also includes $14 million or $0.05 of expense related to a disputed billing practice of an AB third-party service provider for the three and six months ended June 30, 2025, respectively, and certain gross legal expenses related to the COI litigation of $106 million or $0.32 for the six months ended June 30, 2024.
(3) For the year ended December 31, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings. Impact per common share is $0.25 for the year ended December 31, 2024.
(4) For the year ended December 31, 2024, includes $78 million contingent payment gain recognized in connection with a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022. The impact per common share is $0.24 for the year ended December 31, 2024, respectively.
(5) For 2023 non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period. Includes a decrease of the deferred tax valuation allowance of $30 million and $1.0 billion for the three months and year ended December 31, 2023, as well as $0.09 and $2.84 per common share, respectively.
(6) Includes Non-GMxB related derivative hedge losses (gains) of $(29) million and $6 million for the three months and year ended December 31, 2024, respectively, and $34 million for the year ended December 31, 2023. The impact per common share is $(0.09) and $0.02 for the three months and year ended December 31, 2024, respectively, and $0.07 for the year ended December 31, 2023.
2Q 2025 Financial Supplement - Updated for Resegmentation
29

Reconciliation of Non-GAAP Measures (2/3)
As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings $ 1,283  $ 1,203  $ 871  $ (309) $ 1,280  $ 1,251  $ 474 
Adjustments related to:
Variable annuity product features 593  37  191  2,342  637  518  1,371 
Investment (gains) losses 713  665  625  260  133  108  163 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations 39  47  52  57  60  54  51 
Other adjustments 350  395  301  209  93  207  103 
Income tax expense (benefit) related to above adjustments (356) (240) (245) (603) (194) (186) (355)
Non-recurring tax items (959) (346) 26  (5) (5) (4) (2)
Non-GAAP Operating Earnings $ 1,663  $ 1,761  $ 1,821  $ 1,951  $ 2,004  $ 1,948  $ 1,805 
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings $ 1,283  $ 1,203  $ 871  $ (309) $ 1,280  $ 1,251  $ 474 
Less: Preferred stock (80) (80) (80) (80) (80) (80) (72)
Net income (loss) available to Holdings' common shareholders $ 1,203  $ 1,123  $ 791  $ (389) $ 1,200  $ 1,171  $ 402 
Average equity attributable to Holdings' common shareholders (ex. AOCI) $ 9,161  $ 9,134  $ 9,023  $ 8,611  $ 8,586  $ 8,546  $ 8,206 
Return on Equity (ex. AOCI) 13.1  % 12.3  % 8.8  % (4.5) % 14.0  % 13.7  % 4.9  %
Non-GAAP Operating Earnings $ 1,663  $ 1,761  $ 1,821  $ 1,951  $ 2,004  $ 1,948  $ 1,805 
Less: Preferred stock (80) (80) (80) (80) (80) (80) (72)
Non-GAAP Operating Earnings available to Holdings' common shareholders $ 1,583  $ 1,681  $ 1,741  $ 1,871  $ 1,924  $ 1,868  $ 1,733 
Average equity attributable to Holdings' common shareholders (ex. AOCI) $ 9,161  $ 9,134  $ 9,023  $ 8,611  $ 8,586  $ 8,546  $ 8,206 
Non-GAAP Operating Return on Equity (ex. AOCI) 17.3  % 18.4  % 19.3  % 21.7  % 22.4  % 21.9  % 21.1  %




2Q 2025 Financial Supplement - Updated for Resegmentation
30

Reconciliation of Non-GAAP Measures (3/3)
Balances as of
(in millions USD, unless otherwise indicated) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders $ 2,636  $ 1,992  $ 1,598  $ 3,201  $ 1,565  $ 2,401  $ 1,149 
Less: Preferred Stock 1,562  1,562  1,562  1,562  1,507  1,507  1,228 
Total equity attributable to Holdings' common shareholders 1,074  430  36  1,639  58  894  (79)
Less: Accumulated other comprehensive income (loss) (7,797) (8,191) (8,675) (6,601) (8,712) (7,567) (7,432)
Total equity attributable to Holdings' common shareholders (ex. AOCI) $ 8,871  $ 8,621  $ 8,711  $ 8,240  $ 8,770  $ 8,461  $ 7,353 
Balances as of
(in millions USD, unless otherwise indicated) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders $ 2,882  $ 2,442  $ 1,953  $ 2,357  $ 2,089  $ 2,191  $ 2,079 
Less: Preferred Stock 1,562  1,562  1,562  1,562  1,548  1,535  1,451 
Total equity attributable to Holdings' common shareholders 1,320  880  391  795  541  656  628 
Less: Accumulated other comprehensive income (loss) (7,841) (8,254) (8,632) (7,816) (8,045) (7,889) (7,578)
Total equity attributable to Holdings' common shareholders (ex. AOCI) $ 9,161  $ 9,134  $ 9,023  $ 8,611  $ 8,586  $ 8,545  $ 8,206 


2Q 2025 Financial Supplement - Updated for Resegmentation
31

Glossary of Selected Financial and Product Terms
Account Value (“AV”) - AV generally equals the aggregate policy account value of our retirement and protection products. General Account AV refers to account balances in investment options that are backed by the General Account while Separate Accounts AV refers to Separate Accounts investment assets. AV is reflected net of reinsurance.
Advisory Assets - Assets invested in a variety of investments using an asset allocation model designed for the client’s objectives. The client is charged a fee based on the value of the assets in the account.
Annualized premiums - 100% of first year recurring premiums (up to target) and 10% of excess first year premiums or first year premiums from single premium products.
Assets Under Administration (“AUA”) - AUA includes non-insurance client assets that are invested in our savings and investment products or serviced by our Equitable Advisors platform. We provide administrative services for these assets and generally record the revenues received as distribution fees.
Assets Under Management (“AUM”) - AUM means investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB; (ii) the assets in our General Account investment portfolio; and (iii) the Separate Account assets of our Retirement and Life businesses. Total AUM reflects exclusions between segments to avoid double counting.
Average Account Value (TTM) - Calculated as an average of the previous twelve calendar months total Account Value balance, net of embedded derivative instruments where applicable.
Benefit base - A notional amount (not actual cash value) used to calculate the owner’s guaranteed benefits within an annuity contract. The death benefit and living benefit within the same contract may not have the same benefit base.
Brokerage Assets - Brokerage accounts which allow clients a variety of investments, including mutual funds, exchange traded products, equities and fixed income, to be managed in one account. The client is charged for all buy and sell transactions.
Current Product Offering (Retirement) - Products sold 2011 and later.
Deferred policy acquisition costs (“DAC”) - Represents the incremental costs related directly to the successful acquisition of new and certain renewal insurance policies and annuity contracts and which have been deferred on the balance sheet as an asset.
Direct Assets - Mutual Funds purchased through and registered directly with an asset management company. No other agents, such as brokers or distributors, are involved in the transactions.
Equitable Advisors - means Equitable Advisors, LLC, a Delaware limited liability company, our retail broker/dealer for our retirement and protection businesses and a wholly-owned indirect subsidiary of Holdings.
Fixed Rate (Retirement) - Pre-2011 GMxB products.
FYP - First year premium and deposits.
GMxB - A general reference to all forms of variable annuity guaranteed benefits, including guaranteed minimum living benefits, or GMLBs (such as GMIBs, GMWBs and GMABs), and guaranteed minimum death benefits, or GMDBs (inclusive of return of premium death benefit guarantees).
Gross premiums - FYP and Renewal premium and deposits.
Guaranteed minimum death benefits (“GMDB”) - An optional benefit (available for an additional cost) that guarantees an annuitant’s beneficiaries are entitled to a minimum payment based on the benefit base, which could be greater than the underlying AV, upon the death of the annuitant.
Guaranteed minimum income benefits (“GMIB”) - An optional benefit (available for an additional cost) where an annuitant is entitled to annuitize the policy and receive a minimum payment stream based on the benefit base, which could be greater than the underlying AV.
Guaranteed minimum living benefits (“GMLB”) - A reference to all forms of guaranteed minimum living benefits, including GMIBs, GMWBs and GMABs (does not include GMDBs).
Individual Life Benefit Ratio - Policyholders’ benefits as a percent of policy charges, fee income and premium and investment management and services fees (net of reinsurance).
Invested assets - Includes fixed maturity securities, equity securities, mortgage loans, policy loans, alternative investments and short-term investments.
Liability for future policy benefits - the liability related to life insurance policies such as non-participating traditional life insurance policies (Term) and limited pay contracts (Payout, Pension).
Life Reserves - Equals the aggregate value of Policyholders’ account balances and future policy benefits for policies.
Market risk benefits - (“MRBs”) are contracts or contract features that provide protection to the contract holder from other than nominal capital market risk and expose the Company to other than nominal capital market risk. Market risk benefits include contract features that provide minimum guarantees to policyholders and include GMIB, GMDB, GMWB, GMAB, and ROP DB benefits.
Net flows - Net change in customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges.
Net interest margin - Net investment income (loss) plus net derivative gains (losses) less interest credited to policyholder's account balances.
Net long-term flows - Net change of assets under management in a period which includes new sales net of redemptions of mutual funds and terminations of separately managed accounts and cash flow which includes both cash invested or withdrawn by existing clients. In addition, cash flow includes fees received from certain clients. It excludes the impact of the markets.
Net new assets - Consists of total client deposits into advisory accounts less total client withdrawals from advisory accounts, plus dividends, plus interest, minus advisory fees. AUA reflects adjusted balances with no financial impact.
Premiums and deposits - Amounts a policyholder agrees to pay for an insurance policy or annuity contract that may be paid in one or a series of payments as defined by the terms of the policy or contract.
Pre-tax operating margin - Calculated as operating earnings, before income taxes, divided by revenue.
Renewal premium and deposits - Premiums and deposits after the first twelve months of the policy or contract.
Return of Premium (“ROP”) death benefit - This death benefit pays the greater of the account value at the time of a claim following the owner’s death or the total contributions to the contract (subject to adjustment for withdrawals). The charge for this benefit is usually included in the M&E fee that is deducted daily from the net assets in each variable investment option. We also refer to this death benefit as the Return of Principal death benefit.
2Q 2025 Financial Supplement - Updated for Resegmentation
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Return on Assets - Calculated as trailing twelve months operating earnings (loss), before income taxes, divided by trailing twelve months average account value, net of embedded derivative instruments.
Return on Equity (ex. AOCI) - Calculated as trailing twelve months net income (loss) attributable to Holdings' common shareholders divided by average equity attributable to Holdings' common shareholders, excluding Accumulated Other Comprehensive Income (“AOCI”).
Revenue per advisor - Calculated as trailing twelve months revenue divided by the average number of advisors for each of the most recent four quarters.
Trailing Twelve Months ("TTM") - The twelve calendar months preceding the balance sheet date of a given reporting period.
2Q 2025 Financial Supplement - Updated for Resegmentation
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Analyst Coverage, Ratings & Contact Information
Analyst Coverage
Firm Analyst Phone Number
Barclays
Alex Scott
1 (212) 526-1561
BMO
Jack Matten
1 (212) 671-8000
Deutsche Bank Cave Montazeri 1 (212) 250-2798
Dowling & Partners Joel Hurwitz 1 (860) 676-7312
Evercore ISI Thomas Gallagher 1 (212) 446-9439
Jefferies Suneet Kamath 1 (212) 778-8602
J.P. Morgan Jimmy Bhullar 1 (212) 622-6397
Keefe, Bruyette, & Woods Ryan Krueger 1 (860) 722-5930
Morgan Stanley Bob Jian Huang 1 (212) 761-6136
Raymond James Wilma Burdis 1 (727) 567-9371
Truist Securities Mark Hughes 1 (615) 748-4422
UBS
Michael Ward
1 (917) 270-2483
Wells Fargo Securities Elyse Greenspan 1 (212) 214-8031
Wolfe Research
Tracy Dolin-Benguigui
1 (646) 419-2560
This list is provided for informational purposes only. Equitable Holdings does not endorse the analyses, conclusions or recommendations contained in any reports issued by these or any other analysts.
Ratings
A.M. Best S&P Moody’s
Last review date Feb '25 Mar '25 May '25
Financial Strength Ratings:
Equitable Financial Life Insurance Company A A+ A1
Equitable Financial Life Insurance Company of America A A+ A1
Credit Ratings:
Equitable Holdings, Inc. bbb+ A- Baa1
Investor and Media Contacts
Contact Investor Relations Contact Media Relations
Erik Bass Laura Yagerman
(212) 314-2010

2Q 2025 Financial Supplement - Updated for Resegmentation
34
EX-99.2 3 investorssupplement2q202.htm EX-99.2 investorssupplement2q202
Equitable Equitable Holdings Resegmentation Notable Items Supplement October 22, 2025

 
Resegmentation Notable Items Supplement Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “intends,” “seeks,” “aims,” “plans,” “assumes,” “estimates,” “projects,” “should,” “would,” “could,” “may,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Equitable Holdings, Inc. (“Holdings”) and its consolidated subsidiaries. These forward-looking statements include, but are not limited to, statements regarding projections, estimates, forecasts and other financials and performance metrics and projections of market expectations. “We,” “us” and “our” refer to Holdings and its consolidated subsidiaries, unless the context refers only to Holdings as a corporate entity. There can be no assurance that future developments affecting Holdings will be those anticipated by management. Forward-looking statements include, without limitation, all matters that are not historical facts. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (i) conditions in the financial markets and economy, including the impact of geopolitical conflicts, changes in tariffs and trade barriers, and related economic conditions, equity market declines and volatility, interest rate fluctuations, impacts on our goodwill and changes in liquidity and access to and cost of capital; (ii) operational factors, including reliance on the payment of dividends to Holdings by its subsidiaries, protection of confidential customer information or proprietary business information, operational failures by us or our service providers, potential strategic transactions, changes in accounting standards, and catastrophic events, such as the outbreak of pandemic diseases; (iii) credit, counterparties and investments, including counterparty default on derivative contracts, failure of financial institutions, defaults by third parties and affiliates and economic downturns, defaults and other events adversely affecting our investments; (iv) our reinsurance and hedging programs; (v) our products, structure and product distribution, including variable annuity guaranteed benefits features within certain of our products, variations in statutory capital requirements, financial strength and claims-paying ratings, state insurance laws limiting the ability of our insurance subsidiaries to pay dividends and key product distribution relationships; (vi) estimates, assumptions and valuations, including risk management policies and procedures, potential inadequacy of reserves and experience differing from pricing expectations, amortization of deferred acquisition costs and financial models; (vii) our Asset Management segment, including fluctuations in assets under management and the industry-wide shift from actively-managed investment services to passive services; (viii) recruitment and retention of key employees and experienced and productive financial professionals; (ix) subjectivity of the determination of the amount of allowances and impairments taken on our investments; (x) legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform; (xi) risks related to our common stock and (xii) general risks, including strong industry competition, information systems failing or being compromised and protecting our intellectual property. Forward-looking statements, including any financial guidance, should be read in conjunction with the other cautionary statements, risks, uncertainties and other factors identified in Holdings’ filings with the Securities and Exchange Commission. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law. This presentation and certain of the remarks made orally contain Non-GAAP financial measures. Non-GAAP financial measures include Non-GAAP operating earnings, and Non-GAAP operating EPS. Information regarding these and other Non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures, is provided in our quarterly earnings press releases and in our quarterly financial supplements, which are available on our Investor Relations website at ir.equitableholdings.com. The Company has presented forward-looking statements regarding Non-GAAP operating earnings, Non-GAAP operating earnings per share and Adjusted operating margin at AB. These Non-GAAP financial measures are derived by excluding certain amounts, expenses or income, from the corresponding financial measures determined in accordance with GAAP. The determination of the amounts that are excluded from these Non- GAAP financial measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period. We are unable to present a quantitative reconciliation of forward-looking adjusted operating earnings per share and payout ratio targeted to Non-GAAP operating earnings to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP measures without unreasonable effort or expense. In addition, we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company’s future financial results. These Non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others changes in connection with quarter-end and year-end adjustments. Any variations between the Company’s actual results and preliminary financial data set forth above may be material. 2

 
Resegmentation Notable Items Supplement Non-GAAP operating earnings1, adjusted for notable items 3 1Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of certain items; Please see detailed Non-GAAP reconciliation on slide 4. Certain figures may not sum due to rounding. 2023 1Q’24 2Q’24 3Q’24 4Q’24 2024 1Q’25 2Q’25 1H’25 Retirement Reported 1,378 382 410 416 383 1,591 377 351 728 Notable Items 34 (1) 8 (2) 10 15 5 14 19 Adj. for Notables 1,412 381 418 414 393 1,606 382 365 747 Asset Management Reported 411 106 101 111 161 479 126 131 257 Notable Items (23) (9) - - - (9) - - - Adj. for Notables 388 97 101 111 161 470 126 131 257 Wealth Management Reported 158 42 44 49 47 182 45 50 95 Notable Items - - - - - - - - - Adj. for Notables 158 42 44 49 47 182 45 50 95 Corporate & Other Reported (284) (53) (60) (59) (76) (248) (127) (180) (307) Notable Items 179 10 23 22 17 72 8 80 88 Adj. for Notables (105) (43) (37) (37) (59) (176) (119) (100) (219) Total Company Reported 1,663 477 495 517 515 2,004 421 352 773 Total Notable Items 189 1 30 20 26 77 13 95 108 Adj. for Notables 1,852 478 525 537 541 2,081 434 447 881 EPS Reported 4.50 1.39 1.43 1.58 1.55 5.92 1.30 1.10 2.43 Total Notable Items 0.54 0.00 0.09 0.06 0.08 0.24 0.04 0.31 0.35 EPS Adj. for Notables 5.04 1.39 1.52 1.64 1.63 6.16 1.34 1.41 2.78

 
Resegmentation Notable Items Supplement Reconciliation of Non-GAAP and other financial disclosures 4